Do you want to start trading on Binance but don’t know how? You’re in luck! In this guide, we will teach you everything you need to know about trading on Binance. We will cover topics such as creating an account, depositing funds, and placing orders. By the end of this guide, you will be a pro at trading on Binance!
1. What is Binance and what can you trade on it?
Binance is a cryptocurrency exchange that offers a wide variety of cryptocurrencies for trading. You can trade Bitcoin, Ethereum, Litecoin, and many other cryptocurrencies on Binance.
The most popular pairs on Binance are BTC/ETH and ETH/USDT. This means you can buy or sell Bitcoin for Ethereum, and vice versa.
Binance also offers a wide variety of coins that you can trade against Bitcoin, Ethereum, and Litecoin. You can find the full list of coins on Binance here.
If you are looking for a specific coin that is not listed on Binance, you can always ask the community on Reddit or Twitter. Someone is bound to have an answer for you!
Now that we have answered the question “what is Binance,” let’s move on to how to use it!
How to Use Binance: A Step-by-Step Guide
Creating an account on Binance is very simple. All you need is your email address and a strong password. Once you have created an account, you will be sent an email in which you must verify your account by clicking the link. This process could take a couple of minutes, so be patient!
After you have verified your account, log in to Binance and go to Settings > Security Center > Enable Two Factor Authentication. You can use Google Authenticator or Authy for this step.
This will add an extra layer of security to your account and protect it from hackers that try to steal your funds.
You should now see a screen similar to this one above: On the top left corner of the screen, click “Funds” then “Deposits.” A list with all available coins on Binance will appear as shown below: Click on the coin you wish to deposit and a deposit address will be generated. This is the address you will need to send your funds to in order to buy coins on Binance.
Now that we have deposited our funds, let’s take a look at how to place orders on Binance!
In order to place an order, you first need to select the currency pair you want to trade. For this example, we will use BTC/USDT.
On the right side of the screen, you will see two boxes: “Buy” and “Sell.” The box on the left is for buying coins and the box on the right is for selling coins. In this example, we want to buy Bitcoin so click on “Buy” and enter the amount of
2. How do you set up an account and start trading on Binance?
Steps to set up a Binance account: Visit Binance’s website (Binance.com) and click on “Register,” which is located at the top right corner of your screen. Enter your email address and create a password for your account. Make sure that you use a strong password that consists of numbers, letters in lowercase and uppercase characters, as well as symbols. Click on “Create Account” once you are done. A verification link will be sent to the email address provided by you during signup, so make sure to enter an active one that you frequently check. Once signed in with this verification link/code provided via email or SMS, fill out some more information, such as what country you are from and your date of birth. You will then be given a Google Authenticator key (a QR code) or an SMS verification key that you need to copy and save in order for Binance to confirm it’s really you logging into the account. Do not lose this key because if you do, it can prevent someone else from accessing your account besides yourself. You now have access to all features on the website! If you wish, here are some additional steps that we strongly recommend taking for security purposes: Make sure to enable two-factor authentication (also referred to as “two-step verification”), which is done by going into your profile settings on Binance and clicking on “Enable” under “Google Authentication.” Once you have enabled two-factor authentication, all withdrawals and logins require a verification code that is sent to your mobile phone via the Google Authenticator app (which you can download on both Android and iOS). This will help protect you against any account hacks or theft.
Binance also offers an additional security feature called Binance Angel Program where they grant free access to VIP support services in case of issues with deposits, trading pair errors, etc., as well as SMS notifications regarding each login attempt into your account so that if there are any suspicious activities going on, at least you will be aware of it right away! In order to enable this service go here: angelprogram@binance
3. What are the different order types available on Binance, and how do they work?
Once you have created an account and logged in, you will be taken to the main trading page which looks like this:
The different order types available on Binance are as follows:
Limit orders : A limit order is placed at a specific price and will only execute if that price is reached. For example, if someone wants to buy Bitcoin at $11,000 but the current market price is $11,500, they would place a limit buy order at $11,000. This means that their order will not execute until the market reaches $11,000 or lower. If someone wants to sell Bitcoin at $12,000 but the current market price is only $11,700, they would place a limit sell order at $12,000. This means that their order will only execute if the market reaches $12,000 or higher.
Market orders : A market order is one which executes immediately at the current market price. If someone wants to buy Bitcoin right now and doesn’t mind paying whatever the price is for it (even though it might be high), then they would place a market buy order; this type of trader does not have any limit on how much he/she will pay per coin because there isn’t time to think about placing limits when buying fast-moving assets like cryptocurrencies! The same goes for selling: if someone wants out quickly by any means necessary then they can use this option without having an exact target price in mind.
Stop orders : A stop order is placed to automatically buy or sell a security when the market reaches a certain price, which is known as the “stop price.” For example, if someone has a stop buy order of $11,000 for Bitcoin and the current market price falls to $11,000 or below, their order will execute and they will purchase Bitcoin at that point. The same goes for stop sell orders: if someone has a stop sell order of $12,000 for Bitcoin and the current market price rises to $12,000 or above, their order will execute and they will sell Bitcoin at that point. Stop orders are very useful because they allow you to protect your profits (or losses) from being lost due to volatility in the market place.
Stop-limit orders: A stop-limit order is an advanced order type that can be used for both buy and sell orders. It combines features of a limit order with those of a stop order, allowing you to specify two different prices (one at which your trade will execute once it becomes active). You can use this feature if there is any chance that your account balance might go down before placing new trades! For example, let’s say I want my buy order executed when Bitcoin reaches $11k but don’t want anything less than $11k because then I won’t make as much profit off this position so I’ll set an upper limit on where begins again.
Advanced Research Functionality: This feature allows users to see all past trades they’ve made with various features such as filtering by exchange, time frame etc., which makes it easy for them when analyzing their trading strategies over time and seeing what works best! The ability to sort according to different criteria such as price or volume makes this tool very powerful in helping traders make informed decisions about their future moves on Binance.
Community Insight: Binance has a strong community of its own that includes many well-known figures within the crypto world, who often participate in discussions related topics like new listings on exchanges as well as giving feedback from time to time on user experience improvements (UX). Additionally there are also some smaller subgroups dedicated exclusively towards discussing specific coins/tokens such as NEO or IOTA which provides an extra layer of depth that you won’t find anywhere else!
Mobile Apps: Binance has mobile apps for both iOS and Android devices so users can trade on the go without having to be tied down by their desktops at home. This is especially helpful when traveling abroad because most people don’t want laptops weighing them down while going through security checks before flights – plus it’s much easier than carrying around bulky equipment like laptops too! The app works well even if you’re not connected via Wi-Fi (which isn’t always possible) thanks in part due its ability to sync data across all platforms seamlessly during periods when there’s no internet service available nearby. [B
What are some of the best trading strategies for beginners to follow on Binance?
First and foremost, it’s important to know that there is no “one size fits all” when dealing with the stock market. Different strategies work for different people depending on their risk tolerance level, time horizon (long or short term), goals etcetera. However, there are some basic principles which can help any investor make better decisions about what kinds of stocks they should invest in over time – these include diversification across industries as well as using historical data analysis techniques like technical analysis charts with indicators such as Relative Strength Index (RSI) among others! With this said below we have listed few general tips:
Have a long-term plan: Don’t get caught up in day trading at first because your emotions are going to get the best of you! It’s important for an investor to have a long-term plan and stick with that rather than trying short term gains which might not last over time. Investing in companies whose business models are sustainable will help ensure returns remain consistent throughout your lifetime as well as any other potential market fluctuations too so take some time before deciding what kind(s) of stocks should be purchased by looking into things such as fundamentals (company size, management etc.) or technical indicators like momentum oscillators such as RSI/MACD etcetera.
Make sure you can afford it: The most common mistake people make when they’re investing is thinking they’ll only need one share at1000 a pop. That’s not how stock markets work though and if you want to invest in something like Apple Inc (AAPL) then it’ll cost around 800 dollars; this means that even with just two shares purchased there are still other expenses like broker fees which need factoring into any calculations made before making any trades! If those don’t seem excessive enough, consider the fact some companies charge up 100% commission on purchases of less than 10000 shares per order so keep an eye out for these hidden costs too as well as considering whether or not they’re worth paying in order achieve your desired return rate over time because investing isn’t free nor easy but ultimately very rewarding when done correctly.
Set goals: It’s important to set goals from the outset otherwise you’ll likely end up aimlessly buying and selling stocks without any rhyme or reason. What do you hope to achieve by investing in the stock market? Do you want to beat inflation rates over time, make a quick buck or two in the short-term or simply have an extra stream of passive income coming in each month which can help cover bills/living expenses? Defining what an investor wants beforehand is key so they don’t get swayed by outside factors such as FUD (fear, uncertainty & doubt) or other emotional biases – these tend to cause people to act impulsively rather than logically when it comes making investment decisions.
Diversify: A little known fact about the stock market is that most people make their money off of stocks they don’t own! This is because you can profit from rising and falling prices just by trading shares in different companies across many industries at once instead of sticking exclusively with one company which could go under due unforeseen circumstances such as bankruptcy. Beware though: while diversification might seem like an easy way to spread out risk, it’s important that investors do some research beforehand so they aren’t putting too much capital into any single organization without knowing whether or not those assets will pay dividends over time based on historical returns data (which should always be used when making investment decisions).
Develop a strategy: In order for anyone looking to invest their hard-earned cash wisely, it’s crucial that they develop an individualized trading strategy which can be tweaked and improved over time. This means taking into account things like entry/exit points, stop-losses & take-profits as well as risk management tools too in order to minimize losses during downturns while maximizing profits when the market is moving in an investor’s favor. Like anything else worthwhile, successfully executing a trading strategy takes patience, practice and plenty of self-discipline – all of which are key attributes for any successful trader!
That being said, here are few more general tips to keep in mind:
Do not invest money you cannot afford to lose
Have a longterm plan
Diversify your portfolio
Research before investing
Develop a personal trading strategy
5. How do you read charts and indicators when trading cryptocurrencies on Binance Exchange?”
You need to have an understanding of candlestick charts. If you are unsure, please read our previous blog post on this topic: How to make money trading Bitcoin and other cryptocurrencies without any knowledge! (Part III)
The most important indicators to learn about when reading a cryptocurrency chart include RSI, MACD, Stochastic Oscillator and Bollinger Bands. We will explain each indicator in detail below. They are quite easy to understand once you’ve seen them in context with the right example. You can only learn so much from reading about it – seeing it first hand is always more effective for learning purposes!
RSI : Relative Strength Index (RSI) measures how fast price is moving up or down. It is plotted on a chart as a line and typically ranges from 0 to 100. A reading over 70 suggests that the asset is being overbought, which could lead to a price crash, while a reading below 30 suggests that it is being oversold and may rebound soon.
MACD : Moving Average Convergence Divergence (MACD) measures momentum by plotting two exponential moving averages of prices – one slow, one fast. When the fast average crosses above the slow average, it indicates that bullish momentum is increasing; when it crosses below, bearish momentum increases. The distance between these two averages can also be used as an indicator of strength or weakness.
Stochastic Oscillator: This indicator measures price momentum. It consists of two lines plotted on a chart – one fast, the other slow. When they cross above or below each other, it can indicate that bullish or bearish momentum is increasing.
Bollinger Bands: Bollinger Bands measure volatility by plotting three bands around a chart’s main price line: upper band (highest closing price), lower band (lowest closing price) and middle band (average closing prices). These bands can be used as support levels to buy at when bullish momentum increases, resistance levels to sell at when bearish momentum increases and warning signs that market conditions may change soon because they are being squeezed together tightly into an increasingly narrow range.
Now that you understand these indicators, it is time to put them into practice! We suggest trying out our Trading Simulator to get some hands-on experience. It’s free to use and doesn’t require any registration. Happy trading!
Please refer to the following resources for more information on chart reading:
Binance Academy: Cryptocurrency Chart Analysis 101
CoinMarketCap: Technical Analysis Tools & Tutorials
Investopedia: Introduction To Technical Analysis: Part One – Price Charts
TradingView Wiki: Candlestick Patterns
Resources for learning about cryptocurrencies in general (beyond just technical analysis):
Binance Academy: Cryptocurrency Glossary
BitcoinWiki: General Bitcoin Information
Conclusion: We hope this blog post has helped you understand a little more about royal q binance and how it works. If you have any questions, please feel free to reach out to us! We would be happy to help. Have a great day!